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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market3 D5 k6 a, k6 v: ]6 s) C
moderated considerably during the first half of October with 2,700 homes changing hands,3 x6 W! N5 U- J& r! j" i/ x- L+ A
Toronto Real Estate Board President Maureen O’Neill announced today.
1 A7 o7 u9 s; O3 {/ XSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,8 b& I9 R f, [# l/ t
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
5 F/ d# I, P4 |/ N1 t' u& G% [in 2006 when 3,007 sales took place.( V I( g5 R) v) ~6 y, ]
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
# Z* d: o0 f! u2 i$ Pper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per& m" r r7 U4 s) v
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
3 z" E( l' `! D0 I+ ~9 l/ ]0 \) MIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent+ U, i& b5 i: y6 O, ^( k
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
$ A7 D* _/ v% T bdown eight per cent from the 1,695 homes sold during the first half of October 2006.* h1 I" Q- ?+ Z3 ~3 D
House prices declined throughout the GTA during the first half of the month. The average price( U1 H( s' j/ Y/ m
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable' x' V/ i' z- X2 u3 B. V6 ^
period in 2007.
0 b$ N$ p, @( D" hIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
: |, U `( D( E- O4 B$441,878 average recorded at mid-October 2007.2 X, T) h& T. i0 @) L% A
In the 905 Region the average price of a home is currently $337,671. This represents an eight* ?, k# g3 y( z; D8 k/ ], s! L
per cent decline from the $365,527 average recorded during the first half of October 2007.. B8 [: W3 I+ f0 l6 P3 p
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent0 o j/ e2 k1 c B9 A' N
more available stock from which to choose as compared to a year ago when 21,182 homes were; ^+ C6 m- A& \7 P+ Z$ K
listed.
* S. Q H5 |8 A. @' x- k" Q' ?“More choice can mean slightly longer wait times for sellers whose homes are now on average,
6 W/ N, F8 o/ u/ Mselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The* f0 {. t1 L. u! [) E& U8 o/ h$ d
list to sales ratio is 97 per cent of the list price.” |
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